Agenda - 05-15-2001-7a - Laserfiche WebLink

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.~o to take any action the taking, permitting or omission of which would cause its payment obligations under the Note to be "arbitrage bonds" or ^`private activity bonds" within the meaning of the Code, or otherwise -adversely affect the exclusion from gross income for federal income tax purposes of interest' on the Note to which such interest would otherwise be entitled. 'Tf the Grantor should take, permit or omit any such action, then the Grantor shall take all lawful actions within its power necessary to rescind or correct such actions or omissions promptly .upon the Grantor's having knowledge thereof. For the purposes of this paragraph, "Code" means the United States Internal Revenue Code of 1986, as amended through the delivery date of the Note, and includes applicable Treasury regulations. 9. NO DEFICIENCY. AS SET FORTH ABOVE, THIS DEED OF TRUST SECURES AN OBLIGATION OF THE GRANTOR FOR THE UNPAID PURCHASE PRICE FOR REAL PROPERTY ACQUIRED UNDER THE AUTHORITY OF NORTH CAROLINA GENERAL STATUTE SECTION 160A-20, WHICH OBLIGATION TS EVIDENCED BY THE,NOTE. AS PROVIDED IN THE NOTE, NO DEFICIENCY JUDGMENT MAY BE RENDERED AGAINST THE GRANTOR IN ANY ACTION TO ENFORCE THE RIGHTS OF THE,HOLDER OF THE NOTE, THE TRUSTEE OR THE BENEFICIARY HEREUNDER OR, UNDER THE NOTE OR PURSUANT TO THE OBLIGATION OF THE GRANTOR TO PURCHASE THE PREMISES, AND THE TAXING POWER OF THE GRANTOR IS NOT AND MAY NOT BE PLEDGED DIRECTLY OR INDIRECTLY TO SECURE ANY MONEYS DUE UNDER THE NOTE, THIS, DEED OF TRUST OR THE GRANTOR'S OBLIGATION TO PURCHASE REAL PROPERTY IN CONNECTION WITH THIS TRANSACTION. IN WITNESS WHEREOF, the Grantor has caused this instrument to be executed by its elected Chair and attested by its Clerk by authority of its Board of Commissioners, the day and year first above written. ORANGE COUNTY,'NORTH CAROLINA ATTEST: Clerk to the Board of Commissioners of Orange County By: Stephen H. Halkiotis, Chair, Board of Commissioners of Orange County